According to people familiar with the matter, Goldman Sachs Group's top executive in Saudi Arabia is leaving his job after being in charge of the bank's business in the Middle East's largest economy for nearly a decade. Goldman Sachs has been expanding its operations in Saudi Arabia over the past year and recently became the first Wall Street bank to obtain a so-called regional headquarters license. The Saudi government said it will no longer cooperate with international financial institutions that do not have regional headquarters in the country. Goldman Sachs is also preparing to establish a fund focused on the Middle East region, and will hire Habib Saekari from J.P. Morgan Chase to be based in Riyadh to head the underlying stock business in the Middle East and North Africa region.

According to people familiar with the matter, Goldman Sachs Group's top executive in Saudi Arabia is leaving his job after being in charge of the bank's business in the Middle East's largest economy for nearly a decade. Goldman Sachs has been expanding its operations in Saudi Arabia over the past year and recently became the first Wall Street bank to obtain a so-called regional headquarters license. The Saudi government said it will no longer cooperate with international financial institutions that do not have regional headquarters in the country. Goldman Sachs is also preparing to establish a fund focused on the Middle East region, and will hire Habib Saekari from J.P. Morgan Chase to be based in Riyadh to head the underlying stock business in the Middle East and North Africa region.